In a significant move to cement its standing in the burgeoning crypto community, Telegram, a chat app boasting 800 million active monthly users, has launched a self-custodial crypto wallet, TON Space. This announcement, made in collaboration with the TON Foundation, took place at Singapore’s illustrious Token2049 crypto conference, attracting over 10,000 attendees.
Telegram’s dalliance with blockchain has not been without its challenges. Their Telegram Open Network (TON) blockchain venture faced an abrupt halt in 2020 following a lawsuit by the U.S. Securities and Exchange Commission concerning a considerable initial coin offering. Despite this setback, the platform’s blockchain aspirations found a new lease of life. Enterprising open-source developers, alongside blockchain aficionados, established The Open Network Foundation (TON Foundation) which has since championed the growth of The Open Network (TON). This blockchain now empowers numerous applications on Telegram, inclusive of the newly minted wallet.
Behind the TON-based wallet stands The Open Platform (TOP), which also oversees the venture-building segment, TOP Labs. From November onward, Telegram enthusiasts globally can access TON Space seamlessly, sidestepping cumbersome wallet registration processes. Notably, certain territories like the U.S., known for their stringent crypto regulations, have been left out of this rollout, a move reflecting the country’s intensified scrutiny of the crypto domain.
Telegram’s foray into the crypto wallet arena, despite past hurdles, underscores the platform’s unwavering commitment to innovation. By leveraging its massive user base, Telegram is poised to usher in a new era of mainstream crypto adoption, albeit with cautious geographical considerations.